Today's clients are sophisticated and knowledgeable but recognize their limitations of time and expertise. They consult their team of professionals such as accountants at tax time, realtors when it is time to make a real estate purchase and their mortgage broker when it comes to purchase or refinance and wouldn't you....our services are free and there are no costs built into the rate.*
It is easy to see why a mortgage broker will provide professional expertise, followed by objective opinions on current rates and products. We don't represent the bank... we represent you, the customer. Our business is built on referrals and repeat clientele and mortgages are what we specialize in.
How To Be A Debt Ninja
These five proven, debt-destroying techniques can help you pay down your mortgage and clear your balance faster.1.Apply your windfalls.Expecting abonus? Selling off an asset? Rather thansplurge when you're flush with cash, putsome money down on your mortgage.Last year, nearly a million Canadianmortgage holders (975,000) made anaverage $10,000 lump-sum payment totheir balance, according to the CanadianAssociation of Accredited MortgageProfessionals (CAAMP), wiping out atotal of $10 billion in mortgage debt.2.Pay more than you have to.Mostlenders allow an increase of 10% to 20%above and beyond your regular pay-ments. Every extra dollar goes rightto your principal, in turn reducinginterest costs.According to CAAMP's Spring 2013Consumer Mindset survey, one in fourmortgage holders plan to increase theamount of their payments this year.3. No amount is too little.Even afew dollars a month helps chip awayat debt, and you'll hardly miss it.Two-thirds of mortgage holderssurveyed in a recent ScotiabankMortgage Landscape Study agreed it'spossible to pay off their mortgage fasterwithout changing their lifestyle. Mostrespondents (59%) said they believeadding $20 per month to their mortgagepayment would have no impact ontheir finances.4. Set a timeline on non-mortgagedebt.Don't ignore the outstandingbalance on a credit line or home equityloan. Calculate the monthly cost to payit off over 18 months, two years orwhatever timeline you set as a goal.Canadians lowered personal debts by2% in the first quarter of 2013, accordingto a report by TransUnion, the biggestdecline since 2004.5. Leave no expense unturned.Underused gym membership? Costlyphone plan? Track your monthly householdspending and aim to cut down on yourbiggest non-essential expenses.We can find ways to help you savemoney on your mortgage or determinewhether refinancing makes sense as partof your debt-repayment strategy.Looking for a Mortgage Broker you can trust? Contact Marjan Watt - 604.603.9119
The Teranet-National Bank House Price Index ticked down 0.1% in February
In February the TeranetNational Bank National Composite House Price Index(tm) retreated 0.1% from the previous month, following December and January rises that had interrupted a downtrend. It was the first February decline since 2013. The index was up in only three of the 11 metropolitan markets surveyed, the fewest since October 2014: Vancouver (+0.4%), Hamilton (+0.2%) and Halifax (+0.8%). The index for Victoria was flat on the month and the other seven component indexes were down: Toronto 0.1%, Montreal 0.3%, Ottawa-Gatineau 0.7%, Edmonton 0.8%, Calgary 0.8%, Winnipeg 1.0%, Quebec City 1.5%.
For Vancouver it was the 12th rise in 14 months, taking its index to a new record. However, this markets raw (unsmoothed) index* was down 1.3% on the month, a retreat coinciding with a cooling of home sales as reported by the Real Estate Board of Greater Vancouver. The raw index for Toronto declined after three consecutive rises. In previous months observers had noted a certain haste on the part of buyers to beat the entry into effect of tougher conditions for obtaining an uninsured mortgage. The advance of the Hamilton index interrupted a run of five declines. The retreat of the Montreal index was the first in 14 months. This is not a concern, since the Greater Montral Real Estate Board reported the strongest sales in six years for the first two months of a year.
Canadian Income Survey, 2016
Canadian families and unattached individuals had a median after-tax income of $57,000 in 2016. Median after-tax income increased from 2011 to 2014, but held steady in 2015 and 2016. The slower growth in 2015 and 2016 was associated with the resource price slowdown, which began in the second half of 2014.
After-tax income is comprised of income from market sources and government transfers. Market income includes employment income, retirement income and income from investments, while government transfers include benefits to seniors, child benefits,
Employment Insurance benefits, social assistance and other benefits. While growth in overall median after-tax income slowed in 2015 and 2016, there was also a significant increase in government transfer income. Median income from government transfers rose from $5,800 in 2014 to $7,400 in 2016. About half of this rise was due to increased child benefits, which became a larger source of income for families with children.
In 2014, the median child benefit received by couple families with children were $2,500. This rose to $3,400 in 2015, and to $4,000 in 2016. For a lone-parent family, the median benefits rose from $5,100 in 2014 to $5,800 in 2015, and then to $6,400 in 2016.